VASP & AML Compliance
How Do VASPs Meet AML Compliance Requirements Effectively?
Financial institutions and crypto companies must follow strict AML compliance rules to prevent money-laundering and terrorist financing. Understanding these requirements helps businesses operate legally and maintain banking and regulatory relationships.
Risk-Based AML Frameworks
Effective AML compliance begins with assessing risks related to customers, products, and jurisdictions. Higher-risk models may require more rigorous controls. Understanding this framework helps companies prioritize resources and build proportionate safeguards. A solid risk assessment is the foundation of all AML procedures.
Customer Due Diligence Requirements
Companies must verify identities, understand the purpose of transactions, and monitor account activity. These CDD obligations ensure compliance with Georgian AML compliance rules. Knowing when enhanced due diligence is required helps prevent regulatory issues. Proper documentation supports audit readiness.
Reporting Obligations & Recordkeeping
Suspicious activity must be identified and reported to the authorities. Companies must also maintain relevant records for defined periods to ensure traceability. Awareness of these obligations is essential to AML compliance. Accurate reporting supports financial integrity.
Sector-Specific Rules for VASPs
Virtual Asset Service Providers have stricter oversight due to the nature of digital assets. Strong AML compliance frameworks are essential for maintaining banking relationships and trust. VASPs must understand specialized rules on screening and monitoring. Familiarity with these standards helps reduce operational risk.
Step-by-Step Process
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Business Model & Risk Analysis
We analyze products, customers, and geographies to define your AML compliance obligations.
AML Policy & Procedure Drafting
We draft AML/CFT policies, KYC and monitoring procedures tailored to your AML compliance needs.
Registration & Regulator Interaction
We support filings, VASP registration, and communications that demonstrate robust AML compliance.
Ongoing Testing & Training
We help you maintain AML compliance through periodic testing, reporting, and staff training.
Frequently Asked Questions
What does AML compliance require?
AML compliance requires risk-based controls, KYC, monitoring, and reporting to prevent money laundering.
Do crypto companies need VASP licensing?
Yes. Exchanges, wallets, and similar services must obtain VASP licensing and maintain strong AML compliance.
What documents are needed for AML compliance?
Policies, risk assessments, KYC procedures, and monitoring frameworks are core to AML compliance.
Does AML compliance need yearly updates?
Yes. Regular reviews ensure your AML compliance framework stays aligned with new risks and regulations.
Do you assist with regulator audits?
Absolutely. We prepare you for inspections and demonstrate your AML compliance and VASP licensing readiness.
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